Sunday, November 27, 2011

Chart: Income, Profits, and Taxes 1960 - 2010

The graphs above need no more elaboration. What they show is that, at a time of soaring public debt, corporate and personal taxes are at historic lows, while wages are in the toilet but corporate profits, after tax, have never been as healthy as they currently are, as a share of the economy....

Does this seem to you to be an era in which the president knows nothing about business and needs to get out of the way of the great American job-making machine by, er, cutting taxes even further? Or does it seem an era in which global corporations can make serious global money even when domestic workers are suffering, and where the obvious primary worry for any government would be the collapse of demand and risk of deflation at home?